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Nearly four in 10 seniors (39%) don’t manage their money online and could therefore be at risk of financial exclusion, according to Age UK.
One survey found a high level of support for in-person banking, with three-quarters (75%) of people over 65 with a bank account wanting to undertake at least one in-person banking activity at a bank branch, construction company or a post office .
Age UK commissioned Ipsos to survey more than 1,000 people aged 65 and over across Britain in March and April to make the findings.
The research also found that nearly a third (31%) of older people with bank accounts feel uncomfortable with online banking.
Research participants who were most likely to feel uncomfortable using online banking included people over the age of 85, women, and people with low incomes.
Among those who felt uncomfortable with online banking, the top reasons were cited as not wanting to be scammed or scammed, lack of trust in online banking services, and lack of computer skills.
The charity wants to see an accelerated rollout of banking hubs, which are places where banks share facilities, helping fill gaps left by branch closures.
Caroline Abrahams, charity director at Age UK, said: “We are faced with the fact that a huge number of older people, particularly older people, are not banking online.
“Furthermore, our new research also shows that even older people who bank online often want the chance to talk to a bank employee about some type of transaction in person.”
John Howells, chief executive of ATM and cash access network Link, said: “Securing face-to-face banking for the millions of consumers who rely on cash is critical.
“The proposed national network of shared banking hubs provided by the banking sector is proving to be a popular and easy-to-use way to do this.”
The findings were released by consumer group Which? highlighted security issues related to mobile app banking.
Which? wants banks to stop relying on text messages to send sensitive information and fraud alerts. If a phone is stolen, criminals can view messages sent via text message or insert the victim’s sim card into another phone and still receive messages, the consumer group said.
It highlighted an incident involving a 46-year-old Barclays customer who was in a London pub when his mobile phone was stolen from his jacket pocket, which was on the back of a chair.
When he woke up the next morning, £73,000 had been transferred from his accounts to one controlled by a fraudster, the consumer group said.
Which? he suggested that someone could have potentially “shoulder surfed” to see the code the man had used to unlock his phone and then tried similar combinations to access the app.
The bank has sent a fraud alert via SMS, which is of no use to the account holder if his phone has been stolen, which one? she said.
The consumer group said Barclays refunded £15,000 stolen from the man’s personal account but refused to refund his company account. The man’s company’s cyber insurance enabled him to recover the money transferred from his company account.
Which? he said he had concerns generally about some banks’ security measures to reset login details.
A Barclays spokesperson said: “There is no higher priority than protecting our customers’ funds and data. The Barclays app has multiple layers of security, which are continually undergoing rigorous forms of testing, to provide our customers with the highest level of protection.
“We are very sympathetic to our client, who reported being the victim of a sophisticated and targeted cell phone theft. Funds sent to a third party account beyond our client’s control have been returned in full, as a gesture of goodwill.
“We evaluate each case on its individual merits, and while we see no signs of fraud, we recognize that this is a complex case involving a loyal customer.”
The Barclays customer said: “At no point did I feel that the bank was listening to me, and they only returned the money to my personal account when subjected to serious scrutiny by the Which?
“They still claim they see no evidence of fraud, which is completely absurd given the weight of evidence shared, even from the police officer I reported the crime to at the time.”
Jenny Ross, which one? Money editor, said: “The lack of strong security protections in some banks’ mobile apps is a major concern and could leave many more consumers at risk of being scammed.
“Banks have to play their game to protect customers. Banks must also ensure that they meet their legal obligations to reimburse customers for unauthorized transactions.”
Here are some tips from Which? to protect your mobile:
1. Add a pin to your sim to prevent someone from stealing your card and inserting it into another phone. You can do this in your phone’s settings app.
2. Turn off preview notifications on your phone to prevent thieves from viewing your messages when your phone is locked. On an iPhone, you can change your notification settings to “messages.” On Android devices, it’s the “lock screen notifications” in the settings app.
3. Consider signing up for “find my phone” using Google’s Find My Device or Apple’s Find My iPhone, so your phone can be remotely located, locked, or wiped data in case of loss or theft.
